Mike Adenuga, a Nigerian telecom billionaire and oil baron, has surpassed Abdul Samad Rabiu to become Nigeria’s second-richest man with a net worth of $7.4 billion.
This increase in wealth can be attributed to Forbes’ recent reassessment of the valuation of his mobile phone network, Globacom, which he founded and currently stands as the third-largest telecom service provider in Nigeria.
Adenuga lost the second-richest position to Abdul Samad Rabiu due to a significant drop in net worth. However, Forbes revisited their evaluations and now ranks him as the second-richest person in Nigeria, trailing only behind Aliko Dangote.
Recall that Adenuga had faced a significant dip in his net worth, plummeting to $3.6 billion in June 2023, as reported by Nairametrics. The decline, from the initial $6.3 billion recorded in January according to Forbes, was influenced by multiple factors.
The unification of the naira in June adversely affected his net worth, coupled with the performance downturn of his stake in Conoil.
The Chairman of Conoil and founder of Globacom has experienced fluctuations in his net worth over the years, with it reaching $7.3 billion in 2022 and attaining its pinnacle at an impressive $10 billion in 2015.
Despite his billionaire status, Adenuga’s career journey has not been without challenges.
